Wealth Enhancement Acquires Alabama-Based Cloud Investments for $462M
Wealth Enhancement, a Minneapolis-based independent wealth management firm reportedly considering a sale to private equity firms like Bain Capital or The Carlyle Group, has acquired Cloud Investments in Alabama. This acquisition marks Wealth Enhancement's first location in the state and adds over $462 million in client assets under management, bringing its total AUM to more than $158.9 billion. Cloud Investments operates three offices across Huntsville, Florence, and Gadsden with a team of five advisors led by founder Don Cloud. The firm specializes in retirement planning, investment management, tax strategy, estate planning, and risk management for professionals and business owners in North Alabama's defense and aerospace sectors. Wealth Enhancement aims to leverage the partnership to expand its national reach. Separately, Merit Financial Advisors acquired Towson Wealth Management, adding $502.5 million in assets under management and expanding into the Mid-Atlantic region.
Topics: acquisition private equity RIA expansion wealth management